May 2020

2019 U.S. CPG GROWTH LEADERS

IRI Growth Consulting

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 2

Executive Summary

Growth in the U.S. CPG industry accelerated slightly in 2019, reaching 2.2% in measured channels, vs. 2.0% in 2018. Pricing / mix drove growth (+2.5% YoY) for third straight year in measured channels; volume declined (-0.3%) for first time in seven years…• Growth yet again propelled by small CPGs (<$1B revenue) & Private Label, taking $19B in value from medium/large players since

2014. However, PL growth and share gain both decelerated in 2019 (3.9% growth vs. 5.4% in 2018)• Mid-sized & large companies grew at a slower rate, but accelerated slightly (1% YoY growth vs. 0.8% in 2018)

…with continued movement towards unmeasured channels, including E-commerce, store pickup, mom and pops, and Club.

Growth Leaders index highlights winning small, medium, and large companies leading their peers in share and $ / volume growth.

9 of top 10 large Growth Leaders have previously been on the list – while small & medium sized leaderboards saw new top entrants• Large ($5.5B+): Constellation Brands topped list for third year in a row, with Modelo and Corona growing ~$500M • Medium ($1B-5.5B): Mark Anthony Brands, new to the list, ranked 3rd, driven by White Claw Hard Seltzer (+300% YoY) • Small (<$1B): E-cigarette company NJOY, also new to the list, was fastest growing small company declining tobacco category

Given low growth environment, top 10 large Growth Leaders collectively saw volume declines for first time (-0.6% YoY growth contribution). However, large Growth Leaders outperformed other large peers, which declined -2.8% in volume growth contribution YoY.

Growth Leaders have consistently driven performance using four levers: Innovation, Pricing, E-commerce & addressing consumer trends• Innovation: Supplementing acquisition with core innovation across both acquired & owned brands (e.g., Tyson Hillshire snacking)• Pricing: Increasing price surgically by sub-category to counter higher COGS and lower sales volumes (e.g., P&G in paper towels)• E-Commerce: Driving increased e-comm penetration by deploying consistent approach to win on digital shelf (incl. click & collect)• Consumer trends: Tapping in to evolving trends, e.g., protein on-the-go, premium and natural self care, Hispanic, etc.

Small, medium and large companies that proactively address these trends will be better positioned to capture growth in years to come.

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2014-2018

CAGR

2019 %

Chg. vs. YA

Total 2.0% 2.2%

Private Label 3.2% 3.9%

Extra Small 3.3% 3.9%

Small 3.0% 2.7%

Mid-Size 2.1% 3.0%

Large 1.1% 1.0%

Smaller Manufacturers and Private Label Capturing Share at a Sustained Rate

$ Sales % of CPG Scans by Manufacturer Size

48.7% 47.1% 46.6%

16.0% 15.9% 16.0%

11.5% 12.1% 12.1%

9.1% 9.5% 9.7%

14.7% 15.3% 15.6%

$836B

2014 2018 2019

$757B $818B

+0.5

+0.5

-0.1

-1.5

+0.2

+0.1

+0.1

-0.6

+0.6 +0.3

Source: IRI data for multi-outlet and convenience (MULO+C). IRI Consulting & BCG analysis.

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Measured U.S. CPG Price/Mix Growth Recovering

CPG Sales Growth

% chg. vs. YA

Price/mix acceleration,

particularly in non-edible

CPG

Continued, high growth of

e-commerce including

store pick-up, delivery

and shipment

2012

3.0%

2013 20182014 2015 2016 2017

1.7%

2.5%

3.0%

1.5% 1.4%

2.0%

2019

2.2%

2.9% 1.6% 2.3% 2.4% 0.8%Price/Mix 1.4% 1.9%

Volume 0.1% 0.1% 0.2% 0.6% 0.7% 0.0% 0.1%

Dollars

2.5%

-0.3%

Source: IRI data for multi-outlet and convenience (MULO+C). IRI Consulting & BCG analysis.

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2019 Growth Leaders

Which CPG companies are winning in the U.S. and why?

Eighth Annual Report

First to compare public and private CPG company performance

430+ CPG manufacturers with >$100M

sales in measured channels1

Three distinct sets of top CPG winning companies:

• Top 10 large: >$5.5B sales

• Top 15 midsize: $1.0—$5.5B sales

• Top 15 small: $100M—$1B sales

Disaggregation of the companies’ underlying performance

1. Multi-outlet and convenience (MULOC) retailers are defined as food, drug, mass, Walmart, club (excluding Costco), dollar, military, and convenience

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DisaggregationThree Growth Metrics

Dollar sales % changeGrowth contribution due to distribution versus productivity

Volume sales % change Growth due to volume versus pricing

Price increases analyzed by true price versus mix shift

Dollar share point changePercent portfolio gaining, holding and losing share

Category dynamics (e.g., category trends, portfolio

concentration)

1

We use a Composite Growth Index to Understand who is Winning

2

3

Source: IRI and BCG analysis

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2019 Rankings

Returning and New Companies in the Top Rankings

New to list versus 2018 New to list versus 2012–18

1

2

3

4

5

6

7

8

9

10

1

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12

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15

Large Companies Mid-Size Companies Small Companies

Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$5.5B, Large >5.5B. Source: IRI data for multi-outlet and convenience (MULO+C). IRI Consulting & BCG analysis.

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 8

#1 Growth

Category Brand 1 ($M) Brand 2 ($M) Brand 3 ($M)Top 3 Sales Combined Contribution %

Top 3 GrowthCombined Contribution %

Beer +$380 +$118 +$22 71% 108%

Skincare +$90 +$86 +$51 42% 64%

Breakfast-frozen &

meat+$166 +$108 +$24 52% 127%

Pet Food & Treats +$335 +37 +$29 13% 117%

OTC medication +$125 +$118 +$100 22% 30%

Chocolate Candy +$176 +$34 +$30 30% 110%

Cookies +$92 +$63 +$47 40% 128%

Gum +$97 +$65 +$50 29% 56%

Salty Snacks +$148 +$83 +$33 35% 178%

Cream/Creamers +$48 +$30 +$27 31% 139%

6

7

8

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10

1

2

3

4

5

Large Growth Leaders: Brands That Drove Sales Growth

Double

click on

next pg

INDICATES TOP 3 BRANDS GROWTH EXCEEDED OVERALL COMPANY SALES GROWTH

1

Note: 2019 year-over-year sales growth in US$ / 1. Coffee creamer contributed ~70% of growth.

New to List Versus 2018 New to List Versus 2012-182018 Growth Leader

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Constellation Brands is #1 Large Growth Leader for Third

consecutive Year, Driven by Mexican Beer – Primarily Modelo

1. Unmeasured IRI channels / Source: Industry Week, BCG analysis; Note: Constellation was previously on mid-size Growth Leader company list

New Products Drove Combined ~$100MM Sales

Growth for Corona Brand, Including Premier,

Familiar and Refresca

Modelo Especial Contributed ~90% of Modelo

Brand Growth (+$330MM in Sales and +31MM in

Volume) With a More Focused Strategy

• Expanded key distribution channels: on-premise and mom and pop store presence1

• Targeted specific geographies and MSAs; became #1 beer in S. California

• Focused on advantaged price point, benefiting from shift to premium products

• Pursued core Hispanic consumer e.g., Brian Ortega UFC commercial

• Successful product innovations extended portfolio beyond Corona Extra

• Corona Premier and Refresca enabled brand to defend against impact of hard seltzers

• Built innovative marketing platform for Premier based on golf and the U.S. Open sponsorship

• Will launch own seltzer product in Spring 2020

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E-Commerce as a

Growth Engine

Focused On

Emerging Trends

Surgical Pricing

Across Portfolio

Acquisitions

Supplemented by

Innovation

1 2 3 4

2019's Large Growth Leaders Have Driven Sustained

Growth Since 2014, Leveraging Several Common Drivers

2014-2019 Revenue CAGR Growth for Large Companies

Top 10 Growth Leaders

Others

1.7%

0.5%

3+x

Key Growth Drivers

Deep Dives On Coming Pages

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 11

More Large Leaders Drove 2019 Performance Organically

3% 1%

9% 19%

53% 85%

8% 100%

0% 1%

7% 15%

2% 12%

5% -2%

3% 7%

54% >100%

Acquisition %

of Portfolio2019 $M vs. YA

(% of growth) Leading Acquisitions

-7

63

10

342

261

477 480

51

3

287

1

1,133 15

217184 33

337

19

358

138

323

-14 89

1,148

343

157

351

148

75

138

Acquired1 Declining AcqusitionLegacy

Acquisition %

of Total Growth

Note: Based on acquisitions made in last five years (since 2014) / Source: IRI POS data ending 12/30/18. IRI Consulting and BCG analysis.

Acquisitions Supplemented by Innovation1

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 12

Growth Leaders Continued to Drive Innovation with Acquired and Owned Brands

'18-19 YoY Product Sales

Acquired Growth

Driving new category innovation from acquired brands

Organic Growth

Growing through innovation with established brands

Activia Probiotics Dailies

delivered occasion-focused

innovation through a smaller,

on-the-go format (3.1 fluid oz),

promoting the ease of working

probiotics into a healthy and

active routine+$17M

Danone Licensed Baileys Coffee

Cream after Danone’s acquisition of

Whitewave and International Delight

leveraging the expertise acquired via

acquisition to build the licensee-based

expansion in the coffee creamer category+$22.5M

The Blend, a patty with beef and

plant-based protein, was introduced

as part of Tyson's new "Raised &

Rooted" brand to capitalize on the

growth of plant-based protein while

leveraging Tyson's historic strength

in animal protein

Note: IRI sales data for first 52 weeks of 2019 and 2018 / Source: IRI New Product Pacesetters (2019)

+$33M

Hillshire Snacking was

introduced post-Tyson

acquisition, marketed as a

“perfectly portioned protein

snack for an on-the-go

experience”, capturing

momentum from protein trend

Acquisitions Supplemented by Innovation1

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 13

Investment/JV

Acquired

Ye

ar

of A

cq

uis

itio

n

Acceleration in Acquisition and Investment in Small Growth Leaders

Small Growth Leaders Acquired Since 2012

2013 2014 2015 2016 2017 2018 20192012

Acquisitions Supplemented by Innovation1

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Top 10 Large Growth Leaders Decreased in Volume Overall

(vs. Prior Years Where Volume Increased)Large Companies

Volume and Price Contribution

5.4

3.3

2.3

-4.6

-0.6

-0.2

-2.1

-0.6

-0.7

1.9

3.7

0.5

8.5

3.1

2.2

5.1

2.4

2.0

2.5

0.8

2.1

4.5

7.3

3.4

2.7

3.9

3.0

1.7

1.3

Volume % Chg vs. YA Price/Mix % Chg vs. YA

Double click on next pg

Top 10 Large Growth Leaders

Only top 4 increased volume

-2.8

4.0

2.9All Others

Top 10 3.3

0.1

-0.6

Price/Mix % Chg vs. YA

Volume % Chg vs. YA

2.9%Top 4 vol.

growth

-2.5%

6-10 vol.

decline

Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$5.5B, Large >5.5B / Source: IRI MULO+C POS data. IRI Consulting and BCG analysis

Surgical Pricing Across Portfolio2

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 15

P&G Drove Value with Price Increases

VALUE

We’re looking,

as we innovate, to be

able to modestly [increase]

price and still build value.

- Jon Moeller, Vice Chairman,

COO, CFO, Q4 Earnings call

P&G executed surgical

pricing increases

across portfolio

to drive value

4.2%

4.1%

7.1%

4.6%

Top Categories by Sales Growth

and Corresponding ASP Increase1Examples of ASP

Changes at SKU Level

Baby Wipes

Toilet Tissue

Paper Towels

0.5%

0.5%

Diapers

Laundry Care 2.8%

Deodorant

Air Fresheners

Cold/Allergy/Sinus Liquids

0.6%

2.3%Cold/Allergy/Sinus Tablets

3.0%Gastrointestinal - Liquid

$804 M

$614 M

$544 M

$193 M

$58 M

$29 M

$28 M

$26 M

$24 M

$21 M

Sales Growth ASP Growth

12 roll

1. Same SKUs with volume above 10k both 2019 and 2018. Excludes new and discontinued SKUs

2. Sales growth for Bounty Select a Size 12-roll SKU exceeded overall Bounty brand growth due to partial

cannibalization for smaller pack sizes.

2018 ASP: $13.41

2019 ASP: $13.55

YoY Sales Growth:

+$36M

2018 ASP: $18.02

2019 ASP: $18.84

YoY Sales Growth:

+$128M2

30 oz

• Driven by consumer insight

and competitive landscape

• ASP increase differed by

category; 38 of 56

categories saw an ASP

increase relative to prior

year

Source: IRI data for multi-outlet and convenience (MULO+C). IRI Consulting and BCG analysis.

Surgical Pricing Across Portfolio2

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VALUEDigital Shelf Growth Leader Winners

Deploy a Consistent Approach

• Restructuring channel operations and merchandising to

ensure right SKUs are available

• Optimizing digital shelf / marketing for pre-purchased in

store pick ups at key retailers

• Leveraging investment in trade marketing in an E-

commerce setting (e.g., banner ads on amazon)

• Investing in a digital commerce organization (CoE or

dedicated digital teams)

• Having a dedicated brand store optimized for user

experience (DTC considerations)

of CPG portfolio by 2022

E-commerce

is growing in

significance –

estimated to be

~10%

Note: eCommerce includes all forms of online shopping (including click & collect) / Source: IRI Ecommerce Trends

20222019

~4-5%

~10%

E-comm penetration as % of CPG sales

GL DTC

Store Examples

E-Commerce as a Growth Engine3

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Multi-Functional Beverages

Beverages offering superior hydration or energy

through simpler and cleaner ingredients

Protein On-the-Go

Quicker and easier options

to meet daily protein needs

Better-for-You Snacking

Healthier versions of traditional snacks

Premium / Natural Self-Care

Willingness to pay a premium

to take care of body and/or household

Simple & Transparent

Natural, organic, minimal ingredients

Hispanic-Focused

Geared toward growing Hispanic

population emphasizing heritage

Winning Manufacturers and Brands are Tapping into Evolving Consumer Trends

Source: IRI Consulting and BCG analysis.

Deep dive in subsequent pagesNew in 2019

Focused On Emerging Trends4

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Multi-Functional Beverages are Outpacing Traditional Sugary Alternatives

Growth Leader ExamplesMulti-functional beverages provide

consumers with many nutritional benefits

Energy

Hard Seltzer

Double click follows

11%

6%

6%

17%

11%

6%

2%

0%

-1%

-1%

-2%

Refrigerated Teas

232%Hard Seltzer

Sports Drinks

Refrigerated Coffee

Seltzer/Sparkling/Mineral

Energy Drinks

Iced Coffee

Regular Soft Drinks

Rfg Juices/Drinks

Drink Mixes

Canned And Bottled Tea

Bottled Juices

2019 YOY growth (%)Hard Seltzer

Energy

Sugary Alternatives

HydrationHydration

Source: IRI ILD POS database, MULOC. IRI Consulting and BCG analysis

Focused On Emerging Trends4

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Bang Combines Energy & SportsVALUE

2014 201920182015 2016

$1,138

$2

2017

$1 $7 $32

$308

Bang Energy Growth Trajectory

2014-2019 retail sales, $M

Year 5

Bang's Path to Growth Had Several Key Elements

• Identified and solved consumer friction point for energy drinks with

sports and performance benefits

• Ritualized usage on back of new need created (e.g. drink a Bang

Energy Drink before workouts)

• Targeted distribution (e.g. gyms) to reach intended audience,

coupled with effective digital marketing (e.g., Instagram / influencers)

• Disrupted "better-for-me" with primarily sugar-free formulas

3x growth

by addressing unmet need at intersection of energy / sports

now exceeding

$1B

Source: IRI MULOC; desk research; industry publications; BCG analysis

Focused On Emerging Trends4

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 20

VALUE

White Claw Capitalizes on Convenience

YoY growth

Convenient,

personalized,

and better for

you driving

300%+

Source: IRI MULOC; BCG and IRI Consulting analysis

57

20172016 2018 2019

10194

834

+449%+241%

+330%

Distribution1

Velocity2

35

$31

45

$113

60

$277

76

$804

White Claw Growth Trajectory

2014-2019 Retail Sales, $M

Multifunctional Convenience

Easily transportable product (slim, 12 oz. can) with advertising

campaigns that highlight consumption in a variety of occasions

Personalized Flavor

Flavored with clean and simple fruit based flavors, available in variety

packs to appeal to varied tastes and occasions

Better-for-You

Won drinkers from other alcohol categories with light, healthier

alternative (100 calories only relative to beer); significant growth also

coming from wine & spirits drinkers

1 – Max ACV Wtd Distribution, 2 – Dollars per $MM ACV

Focused On Emerging Trends4

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Protein On-the-Go: Ready-to-Eat and Convenient Offerings Driving Market Growth

6%

5%

5%Nutritional Health Bars

Frozen Breakfast Entrees

Dried Meat Snacks

Refrigerated Meat /

Cheese / Snack

Frozen Breakfast Handheld

2019 YOY growth (%)

Growth Leader

Examples:

Exemplar Set of Growth

Driving Brands by Sub-Category

Snacking

Breakfast

Old trapper

Growth Leader Brand YoY Growth %

Hillshire snacking

One Brands

Jimmy Dean Delights

Jimmy Dean Delights

+24%

+25%

+57%

+25%

+27%

Jimmy Dean +7%

Jimmy Dean +4%

Sub-Category Growth

7%

2%

Source: IRI ILD POS database, MULOC. IRI Consulting and BCG analysis

Focused On Emerging Trends4

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 22

VALUE

Jimmy Dean: Premium On-the-Go Breakfast

YoY growth

Premium

On-the-Go

Protein Rich

Breakfast

Experience Driving

8%

Targeted Marketing

Targeting a younger

audience more flexible

in their eating patterns

with a "breakfast

all day" campaign

Innovative Product

Product development fueled

by "consumer pursuit of

heartier breakfast solutions"

that can be taken on the go

Biscuit roll-ups Eggs, meat and cheese in "roll-up"

Morning Combos on-the-go bites

pancakes and muffins

Better For You

Increased breakfast

offerings in the "better for

you" segment while still

maintaining high protein

868 948

152Jimmy Dean Delights

2016

166

1,023

2017

174

2018

207

1,284

1,076

2019

Jimmy Dean

1,0201,114

1,197+8%

$M Retail Sales 11.0%

7.4%

$ CAGRGrowth Trajectory (2014-2019)

Focused On Emerging Trends4

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 23

Summary / Key Takeaways

2.2% growth for CPGs in 2019

(slight acceleration vs. 2018) driven by:

• Price and mix: Volume declined for the first year

(-0.3% growth) even among large growth leaders

• Smaller companies (<$1B) and Private Label:

These players are growing at 3-4% and have taken $19B

in sales from larger and midsized companies since '14

Four drivers of Growth Leaders success:

Acquisitions supplemented by innovation

Surgical pricing across portfolio

E-commerce as a growth engine

Focused against emerging trends

1

2

3

4

Please contact us to

discuss how these

opportunities may apply.

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 24

Insights and Strategic

Guidance for Better Decisions

IRI’s Online Resources Include Real-Time

Updates and Weekly Reports Which Track

the Impact of the Virus on CPG and Retail

The IRI COVID-19 Info Portal

Includes COVID-19 impact analyses, dashboards

and the latest thought leadership on supply chain,

consumer behavior, channel shifts for the U.S.

AND international markets

The COVID-19 Dashboard and

The IRI CPG Demand Index™

Accessible through the insights portal

and tracks the daily impact of COVID-19.

This includes the new IRI CPG Demand

Index™, top selling and out-of-stock

categories across countries, and

consumer sentiment on social media.

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 25© 2020 Information Resources Inc. (IRI).

Confidential and Proprietary. 25

CONTACT US FOR MORE

INFORMATION

Dr. Krishnakumar(KK) Davey

President, Strategic Analytics

732-713-3446

Krishnakumar.Davey@IRIworldwide.com

Cara Loeys

Principal, Growth Consulting

312.912.3376

Cara.Loeys@IRIworldwide.com

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 26

appendix

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 27

Large Winning Companies Switch Positions,

But Several Players are Frequently in the Top 10

2012 2013 2014 2015 2016 2017 2018

LA

RG

E

1

2

3

4

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Lorillard

Lorillard Mondelez Intl

Anheuser

Busch InBevMondelez Intl Altria Grp Tyson Foods Tyson Foods

Campbell SoupDr. Pepper

Snapple Grp

Keurig Dr

PepperGeneral Mills

Altria GrpDr. Pepper

Snapple GrpTyson Foods General Mills

Campbell Soup Kimberly-Clark Conagra Brands

Nestle S A

SwitzerlandMondelez Intl

Imperial Brands

Kimberly-Clark LorillardMondelez Intl

Inc.Kellogg’s

Campbell Soup Kimberly-Clark Altria

2019

1

2

3

4

5

6

7

8

9

10

Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$5.5B, Large >5.5B. / Source: IRI MULO+C POS data. IRI Consulting & BCG analysis.

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 28

Many Medium Players also Consistently in the Top

2012 2013 2014 2015 2016 2017 2018

ME

DIU

M

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Keurig Green

Mountain

Keurig Green

Mountain

Mead Johnson

NutritionGlaxosmithkline The Wonderful Co. Juul Labs Vital Pharma

Keurig Green

MountainHostess Hostess Cargill Juul Labs

McKee Foods EnergizerBlue Diamond

GrowersMark Anthony

Brands

Sterilite Link Snacks Egglands Best Post Boston Beer

Sterilite Hostess Schwan Food

Sterilite Land O Lakes Energizer Driscoll Strawberry

Bic The Wonderful Co. Abbott

Link Snacks Land O Lakes Schwan Food Co. Swedish Match

Link Snacks WH Group Land O LakesBlue Diamond

Growers

Blue Diamond

GrowersFerrero USA Hostess Brands

Merck SanofiScandinavian

TobaccoFoster Farms

Blue Diamond

Growers

Snyders Lance BicScandinavian

TobaccoPost Driscoll Strawberry

Spectrum Bic Johnsonville Rank Group Pinnacle Foods Flowers Foods Rank Group

Bayer Pfizer Glaxosmithkline Energizer Flowers Foods

Carlyle Group Tyson Post WH Group Abbott Glaxosmithkline H P Hood

Hain Celestial Sanofi Aventis Lindt Dole Foods Co

1

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2019

1

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14

15

Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$5.5B, Large >5.5B. / Source: IRI MULO+C POS data. IRI Consulting & BCG analysis.

© 2020 Information Resources Inc. (IRI). Confidential and Proprietary. 29

Talking Rain Bev Co Kind Quest NutritionBodyarmor

SuperDrinkPax Labs (Juul) Vital Pharma Njoy

Paris Presents Skinny Pop Eden Creamery Harry’s Bodyarmor Nutrition

Handi Foil Talking Rain Bev Co Kind Fairlife Bragg Live Foods Pastificio Rana Spa Bodyarmor Nutrition Pastificio Rana Spa

Gryphon Investors Old World Ind eos Bai Brands Bai Brands Bragg Live Foods Lamb Weston Baker Mills

Vogue INTL Talenti Pastificio Rana Spa

YoCrunch Materne Schreiber Foods Country Creek Farms Califia Farms Bodyarmor Nutrition Global Water Tech KT & G

All Market All Market Noosa Yoghurt Handi Foil Olly Public Benefit

Panera Bread Kind Old Trapper Kiss Global Water Tech

Shurtape Tech Njoy Materne All Market Pete and Gerry's Kiss

National Fish &

SeafoodAqua Star Advanced Beauty Fairlife Core Natural Sovos Brands Rao’s Natrol

Roll Philips Electronics Paris Presents KissFoundation Consumer

HealthcareLamb Weston

Advanced Beauty Sys.Completely

Fresh FoodsPalermo Villa The Fishin' Co PDC Brands

Swiss Precision

DiagnosticsOld Trapper

Applegate Farms Mobil Corp Ready Pac Foods QuestNutrition American InternationalFoundation Consumer

Healthcare

Clif Bar Mobil Corp Applegate Farms Adv. Fresh Concepts Ready Pac Hisamitsu Pharm. Fairlife

Kens Foods Atkins Nutritionals Aqua StarIcelandic Milk

& Skyr Corp.Kiss Milos Tea

Few Small Companies Have Consistently Led

2012 2013 2014 2015 2016 2017 2018

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Note: Extra Small = <$100M, Small = <$1B Medium = $1B-$5.5B, Large >5.5B. / Source: IRI MULO+C POS data. IRI Consulting & BCG analysis.